Is diamond an inelastic product

In terms of economics, from the Economics Basics Web site:

"The degree to which a demand or supply curve reacts to a change in price is the curve's elasticity. Elasticity varies among products because some products may be more essential to the consumer. Products that are necessities are more insensitive to price changes because consumers would continue buying these products despite price increases. Conversely, a price increase of a good or service that is considered less of a necessity will deter more consumers because the opportunity cost of buying the product will become too high."

Under this definition, diamonds are not a necessity, and the quantity available for sale remains fairly constant, so they can be described as an inelastic product.